West Virginia Code 11-13FF-2 – Amount of credit; limitation of credit
(a) There is allowed to taxpayers who make donations of vehicles to qualified charitable organizations in the state a credit against taxes imposed by §11-21-1 et seq. and § 11-24-1 et seq. of this code in an amount equal to 50 percent of the program value of the vehicle or $2,000, whichever is less.
Terms Used In West Virginia Code 11-13FF-2
- Division: means the Tax Division of the Department of Revenue. See West Virginia Code 11-13FF-1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Program Value: means the fair market value of the vehicle less an amount to be determined by the qualifying charitable organization based upon the suitability of the vehicle to its program. See West Virginia Code 11-13FF-1
- Qualified Charitable Organization: means a nonprofit association which:
(A) Is recognized as exempt from federal taxation under §. See West Virginia Code 11-13FF-1
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- Value: means in the case of any document not a gift, the amount of the full actual consideration for the document, paid or to be paid, including the amount of any lien or liens assumed. See West Virginia Code 11-22-1
- Vehicle: means a passenger motor vehicle that is suitable for daily commutes for employment purposes and is acceptable to the qualifying charitable organization as to its suitability for its program. See West Virginia Code 11-13FF-1
(b) There is allowed to new or used motor vehicle dealers licensed pursuant to § 17A-6-3 of this code that sell a vehicle at a reduced sales price to low-income workers through a program administered by a qualified charitable organization, a credit against taxes imposed by §11-21-1 et seq. and §11-24-1 et seq. of this code in an amount equal to no more than 50 percent of the difference between the program value of the vehicle and the reduced sales price, or $2,000, whichever is less.
(c) There shall be no credit allowed pursuant to this article for a new or used motor vehicle dealer unless the dealer certifies that the dealer has no knowledge or reason to believe the vehicle is subject to any unperformed safety recall or was junked or salvaged or should have been branded or reported as junked or salvaged.
(d) If any credit remains after application of the credit against tax for any taxable year under this article, the amount thereof is forfeited. No carryback to a prior taxable year is allowed for the amount of any unused portion of this credit.
(e) No more than $300,000 of tax credits may be allocated to the department in any fiscal year. The division shall allocate the tax credits in the order the donation forms are received.